Stock Charts To Watch - Wednesday, July 1

Amgen Inc. (AMGN), which popped a couple weeks ago and pulled back to test the 50-day, forming a V-bottom and right-hand extension, exploded on Wednesday, jumping 19.26, or 8%, to 255.12, with a session high of 256.23, on 6.5 million shares traded. This stock sure looks to me like the beginning of a move up after it breaks out in this range to all-time highs. My targets are 295 and 325.

Maxar Technologies Inc. (MAXR) is moving up. On Wednesday, it popped 1.31, or 7.3%, to 19.27, with a session high of 19.55, on 5 million shares traded and another 11 cents in after-hours. It’s looking awfully good in here. It just broke a 4-day flag. The next target will be a retest of the January high at 21.45, followed by 23 1/2 and 26.

Sorrento Therapeutics, Inc. (SRNE) on Wednesday popped 65 cents, or 10.4%, to 6.93, with a session high of 7.00, on 45 million shares traded, and in after-hours it extended another 35 cents. This stock traded as high as 7.65 in May and backed off. For me, Thursday is going to be an important day for this one because, if it catches momentum, you could see the 8-9 zone, and maybe as high as 10.

Wayfair Inc. (W) has been one of the best swing trades of the year. In about 90 days this stock has gone from the low 40’s to 220, a phenomenal move, and on Wednesday, it was up another 21.58, or 11%, to 219.19, with a session high of 222.29, on 3 million shares traded. It still doesn’t look like it’s done, does it? My project is 245-50.

Workhorse Group Inc. (WKHS) had an amazing reversal on Wednesday, taking it all the way down to 13.65, and then ran it all the way up to over 20, gaining 1.79, or 10.3%, to 19.18, with a session high of 20.39, with a spike up on monster volume of 119.4 million shares traded and another 1.23 in after-hours. It’s coiling and doesn’t look done yet. One more move up here and it might explode to the mid-to-high 20’s and call it a day.

On the long side, stocks included Amgen Inc. (AMGN), Aptinyx Inc. (APTX), Accelerate Diagnostics, Inc. (AXDX), Ballard Power Systems Inc. (BLDP), Avid Bioservices, Inc. (CDMO), Celldex Therapeutics, Inc. (CLDX), Daqo New Energy Corp. (DQ), Fluidigm Corporation (FLDM), Maxar Technologies Inc. (MAXR), NIO Inc. (NIO), Invitae Corporation (NVTA), Plug Power Inc. (PLUG), Peloton Interactive, Inc. (PTON), Tortoise Acquisition Corp. (SHLL), Sorrento Therapeutics, Inc. (SRNE), Tesla, Inc. (TSLA), Wayfair Inc. (W), Workhorse Group Inc. (WKHS), and YRC Worldwide Inc. (YRCW).

Disclaimer: Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing ...

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